Bitget Research: Mt. Gox cold wallet transfers out nearly $7 billion worth of BTC, triggering intraday market pullback
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Bitget Research: Mt. Gox cold wallet transfers out nearly $7 billion worth of BTC, triggering intraday market pullback
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsSummary
Yesterday, Mt. Gox transferred over 107,000 BTC from cold wallets for the first time in six years, valued at more than $700 million, increasing short-term market correction pressure. Specifically:
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High-potential wealth-generating sectors: MEME sector, blue-chip ETH ecosystem projects;
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User-searched tokens & topics: pump.fun, MOG, Jenner, FLOKI, TURBO;
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Potential airdrop opportunities: Linea Surge, Sanctum (Community Quests);
Data collection time: May 28, 2024, 04:00 (UTC+0)
I. Market Environment
Yesterday, Mt. Gox transferred over 107,000 BTC from cold wallets for the first time in six years—worth approximately $7.2 billion—sparking speculation about its next moves. Traders and market makers, adopting a risk-averse stance, began reducing their BTC positions, causing BTC to pull back after reaching $70,500. Users are advised to lower account leverage and BTC exposure until Mt. Gox’s intentions become clearer.
On the macro front, BTC ETFs have continued attracting traditional capital inflows, with $200 million flowing in over the past two weeks. As U.S. midterm election campaigns heat up, Trump declared strong support for the crypto industry over the weekend, drawing market attention. Both political parties are likely to court crypto holders during the campaign, potentially leading to more favorable regulatory developments before the election.
II. Wealth-Generating Sectors
1) Sector Movement: MEME Sector (WOJAK, FLOKI, WIF)
Main reasons:
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WOJAK generated community sentiment with the phrase "It's time to pump," triggering market movement; chart analysis suggests significant capital inflow;
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FLOKI announced its trading bot completed internal beta testing, with future transaction fees used to repurchase FLOKI tokens.
Price performance: WOJAK rose 30% in one day, FLOKI rose 15%, and WIF rose 9%;
Factors influencing future trends:
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Community updates: Meme coin operations significantly impact price movements. Monitor AMAs and Twitter content of target projects—new announcements can provide timely entry opportunities;
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Open interest changes: Open interest for WIF and FLOKI increased yesterday, indicating hot money inflow. Use tv.coinglass to track futures data—first check net long position increases, then observe whether rising open interest and volume accompany net long buildup. If so, this indicates sustained institutional buying, supporting holding positions.
2) Sector to Watch: Blue-Chip ETH Ecosystem Projects
Main reason: The ETH ecosystem remains relatively undervalued, and the ETH-BTC exchange rate has shown sustained rebound recently. With catalysts such as ETF developments and SEC actions against DeFi protocols progressing, fundamentally sound ETH-based projects present attractive investment opportunities;
Specific token list:
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UNI: Pioneer DeFi swap protocol on blockchain. Last month received Wells Notice from SEC; Uniswap is expected to present its defense soon, creating potential trading opportunities;
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LDO: Leading LSD project in the ETH ecosystem with $3.45 billion TVL but valued at less than $250 million—significantly undervalued;
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OP: Base chain built using OP stack technology. Last year, Base signed a revenue-sharing agreement with OP Foundation, receiving indirect endorsement from Coinbase;
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PENDLE: Project TVL has risen consecutively, now reaching $5.7 billion. Rising stablecoin market cap and growing restaking sector demand have amplified PENDLE’s utility in the bull market.
III. User Search Trends
1) Popular Dapp
pump.fun:
Solana-based meme coin launch platform pump.fun set a new record on May 7 with $753,000 in fee revenue, becoming Solana’s highest daily-earning app. Over the past two days, celebrity-related tokens tied to media figure Caitlyn Jenner and rapper Rich The Kid launched via Pump, further boosting the platform’s popularity.
2) Twitter
MOG:
ETH-chain meme coin MOG surged +70% over the past week with massive trading volume—over $90 million in the last 24 hours alone. Following approval of key documents related to ETH spot ETFs, PEPE led a broad rally among ETH-based meme coins, with MOG, TURBO, and WOJAK among the top performers.
3) Google Search & Regions
Globally:
Jenner:
U.S. media personality Caitlyn Jenner promoted the meme coin “JENNER” on her X account, sparking initial speculation of a hack. Jenner subsequently deleted posts and changed narratives multiple times, fueling new community theories and causing wild price swings. The “celebrity coin” trend sparked debate. Rapper Rich The Kid followed suit by launching a token on Pump, which spiked post-TGE before crashing sharply.
FLOKI:
Floki developers announced a new trading robot enabling FLOKI holders to trade on BNB Chain. This Telegram-based bot will initially be available to a limited group during beta testing, with public release expected mid-June. A 1% fee applies per transaction, with 50% used to buy back FLOKI on the open market, increasing demand.
TURBO:
Turbo is a meme coin inspired by the ChatGPT Turbo model, positioned at the intersection of two heavily hyped themes in this cycle: AI and memes. Recent positive AI developments and upcoming events—including Apple’s Worldwide Developers Conference and potential June launch of GPT-5—provide fertile ground for speculation. TURBO’s price has surged impressively, up fivefold in the past week.
By regional search trends:
(1) In Western and Middle Eastern countries: Politi-fi meme coins like MAGA and TRUMP ranked highly across multiple nations.
(2) In Asia, no clear or dominant search trends emerged yesterday.
IV. Potential Airdrop Opportunities
Linea Surge
Following Linea Park, the Linea Voyage: The Surge campaign has officially launched. Note: You must activate your account on the linea website using a referral code to begin earning LXP-L points (https://referrals.linea.build/?refCode=zC0GCkXn5K).
The goal of Linea Surge is to attract users and increase TVL, running for six months or until TVL hits $3 billion. Previously, the community doubted Linea could reach $3 billion TVL, expecting the full duration. However, Linea’s TVL has already reached $1.1 billion. With major projects like zkSync and LayerZero launching tokens, capital may flow into Linea, pushing TVL to $3 billion and ending the event early.
How to participate: (1) Activate your Linea account as described above; (2) Deposit ETH, DAI, or other assets supported by The Surge into the Linea network; (3) Deposit assets into supported protocols such as SyncSwap, Mendi Finance, or SushiSwap to earn LXP-L points (Linea supports over 20 protocols—view full list here: https://www.openblocklabs.com/app/linea/dashboard).
Sanctum (Community Quests)
As previously reported, Solana-based LST protocol Sanctum launched its loyalty program, Sanctum Wonderland. Sanctum recently completed an extended seed round led by Dragonfly, with participation from Solana Ventures and Jump Capital, bringing total funding to $6.1 million.
Basic participation methods were detailed in the May 24 report and won’t be repeated here. During the Wonderland event, the project site features multiple Community Quests—completing quiz questions grants bonus points. Below are answers to several quests:
Season Two answer: EVENSTAR CATHEDRAL
Season Three answer: GLOAMTIDE
Season Four answer: THE EARNEST SHALL BUILD OUR NEW WORLD
Season Five answer: A SYZYGY OVER THE HEART OF VOH
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